Personnel Movement — Resignations

July 5, 1999 PSE MEMO FOR BROKERS NO. 228-99 SUBJECT : Personnel Movement Resignations PERIOD COVERED : June 1, 1999 June 30, 1999 NAME OF PREVIOUS EMPLOYEE POSITION EFFECTIVITY EMPLOYER EDWIN MARTINEZ Accounting Executive June 15, 1999 Angping FREDERICK JAY CHENG Analyst/Telephone May 1, 1999 Asiasec JOSELITO ANZURES Trader June 15, 1999 ATC JU-ANN REINOSO Research Manager June 15, 1999 Belson GILBERT LOPEZ Research Manager June 15, 1999 BNP Prime East EILEEN LESLIE QUE Research Analyst June 7, 1999 Citisecurities MA. CHRISTINA MERCADO Research Analyst June 7, 1999 Citisecurities RACHEL LENICE SY Investment Analyst June 2, 1999 Citisecurities NEXON NG Trainee June 7, 1999 Citisecurities TIMOTHY PITCHAY Trainee June 7, 1999 Citisecurities JASON KENNETH VALENTON Trainee June 7, 1999 Citisecurities SHIRLY POBLETE Administrative Assistant May 31, 1999 Connell MARIO MONTENEGRO Marketing Assistant May 31, 1999 Connel CONNIE LACANILAO Research Assistant June 1, 1999 Credit Lyonnais POCH EDWARD ZAMORA Equities Dealer June 25, 1999 Credit Lyonnais THERESA SAMANIEGO Executive Secretary May 15, 1999 Diversified MERCY AGUILAR Transfer & Settlements Head May 31, 1999 Diversified CATTLEYA PALOR Secretary April 1, 1999 Guoco DANTE VALIENTES Operations Officer May 24, 1999 Guoco CONRADO ESPANOL Company Driver June 7, 1999 HK JOSE ANTONIO ALITAGTAG Research Analyst May 31, 1999 HSBC MARIELY TIANGCO Trainee /Trader May 7, 1999 IB Gimenez PRIMITIVA LEUS Manager & Settlements Head May 31, 1999 ING Barings VIRGINIA REYES Settlements Head June 1, 1999 Investors WILLIAM GO Director Chairman June 1, 1999 Investors GILBERT MEDINA EDP Head May 7, 1999 Kerry ROGER BELMONTE Motorized Messenger May 31, 1999 Lippo MARCIAL BONGOLAN Research Analyst April 22, 1999 Market Capital CYNTHIA KEH Authorized Clerk May 15, 1999 Market Capital GILPATRICK GARCIA Corporate Nominee June 16, 1999 Multi-Grade MAXIMILLIAN CAYETANO Settlements Staff November 30, 1998 Paribas ROBERTO PANLILIO Corporate Nominee/ President April 21, 1999 PCIB SONIA ALAGAR Accounting Clerk June 7, 1999 Pierce Interlink RICHARD UNDERWOOD VP-International Sales June 4, 1999 PJB Pacific ROSE ABILLAR Junior Accountant May 15, 1999 Sarangani LYRA CASTILLO Equity Analyst November 7, 1998 Sapphire ARIEL SALAVARIA Floor Operator/Authorized Trader November 7, 1998 Sapphire LORENZO CADENAS Messenger November 7, 1998 Sapphire PAUL JOSEPH GARCIA Investment Analyst June 30, 1999 SG PAUL SANTON MASTERS Director June 17, 1999 SG PAUL REPRADO Manager May 31, 1999 Vickers Ballas MARIA DAHLIA FRANCISCO Transfer Clerk/Telephone Clerk May 7, 1999 Vicsal JEFFREY RAMOS Trader June 1, 1999 Warburg Dillon Read MELANIE CUDAL Receptionist/Telephone Operator May 25, 1999 Worldsec JENNIFER ARBOLEDA Receptionist/Telephone Operator April 16, 1999 Worldsec JASMINE CARIO Marketing Assistant May 21, 1999 Worldsec Above-mentioned personnel were issued clearances to join another member-firm by their previous employers. llcd For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer